for the next round of drilling. I checked the day this came out only to find it was fully subscribed on anouncment.
From CBC news release:
2009-12-10 10:11 ET - News Release
Financing
The company also announces that it has arranged a non-brokered flow-through private placement financing of two million shares at a price of 35 cents per share for gross proceeds of $700,000. The company has agreed to pay Axemen Resource Capital Ltd., a limited market dealer, a 6-per-cent finder's fee with respect to subscribers found by Axemen. Axemen may elect to receive such fees in cash or stock at a deemed price equal to the financing price. The company may pay finders' fees on the same terms as above, on the closing of the financing, to qualified finders. The above financing is subject to TSX Venture Exchange approval.
The proceeds of the financing will be used to continue the exploration program on the company's Newman Todd gold property located in Red Lake, Ontario. Central has an option to earn a 60-per-cent interest in the property by incurring $6.5-million in exploration expenditures and issuing 1.25 million shares to Redstar Gold Corp., by Dec. 31, 2014.
About the Newman Todd property
Central has recently completed a four-hole diamond drill program on the Newman Todd property. Results are expected in January, 2010.
Previous exploration programs by Redstar Gold Corp. on the Newman Todd property have outlined gold values within a silicified breccia zone that can be traced for at least two kilometres. Redstar has previously announced drill intercepts of up to 61.02 grams per tonne gold over one metre within a wider zone of 14.22 g/t gold over five metres or 60 metres of 1.72 g/t gold in previous drill programs. The Newman Todd property has a very similar geologic setting to the major mines in the Red Lake camp in particular Goldcorp's Campbell and Red Lake mines. Similarities include proximity to a major structure, secondary northwest-southeast trending structures, proximity to a folded ultramafic body and association with a large iron-carbonate alteration zone.
